Economist and Bitcoin critic Peter Schiff has again stirred the crypto community with his comments on the proposed US Crypto Strategic Reserve.
US Crypto Reserve Plan
In a recent tweet, gold advocate Peter Schiff questioned the necessity of adding XRP and other altcoins to the national crypto reserve. Previously, President Donald Trump announced progress on creating a national crypto reserve, initially planned to include only Bitcoin. However, plans were later announced to incorporate altcoins like ETH, XRP, SOL, and ADA, leading to a market price spike.
Community Reacts
XRP criticism sparked quick feedback from the crypto community. Many argue that its role in international payments makes it a suitable asset for a reserve. Tech advocate and crypto trader Jason Higgins noted that XRP is designed for efficient global payments, which neither gold nor Bitcoin can achieve, and that an XRP reserve makes sense for institutions dealing with instant, low-cost cross-border settlements.
Schiff's Stance
Schiff’s comments reflect his long-standing view that Bitcoin, while imperfect, is a digital analogue of gold, unlike altcoins like XRP, designed for global transactions. Schiff also framed Trump's announcement as a “bailout” for a struggling crypto market, suggesting Bitcoin was “on the verge of a sharp decline” before the president’s announcement triggered price hikes.
Despite the controversy, the crypto reserve initiative continues to develop, sparking active discussions and varying viewpoints within the cryptocurrency community.
